Midwich has announced that it is to acquire German audio distributor prodyTel Distribution Gmbh. The deal will see Midwich acquire 51 per cent of prodyTel’s share capital for €8.5 million, with an option to purchase the remaining 49 per cent of the company in June 2024 for a fee of €8.1 million.
Nuremberg-based prodyTel was founded in 2003 as a manufacturer of audio codecs before switching its focus to distribution in 2014. Its customers include Biamp, Aver and Jabra, with the company specialising in the corporate and education market.
“We are delighted to have reached an agreement to acquire prodyTel, which will strengthen our technology offering in the DACH region,” said Stephen Fenby, managing director, Midwich Group. “ProdyTel has a strong reputation in the market which has enabled it to attract top tier brands. Customers greatly value the expertise the Company is able to offer, and will now be able to benefit from the combined portfolio of prodyTel and Kern & Stelly. We look forward to working with Christian and his team to build on the success the business has experienced in recent years.”
Christian Carrero, managing director of prodyTel added, “Not only have I developed a lot of personal relationships over the last 20 years with many people within the Midwich family, but prodyTel has often found itself working alongside Kern & Stelly [Midwich’s German subsidiary] on common projects. I had quite a few offers to sell my company over the years, but based upon these past interactions, when the opportunity presented itself to join the Midwich family, it seemed only logical. I believe this deal can bring prodyTel and its people to the next level in distribution and equally will allow us to share our expertise in audio and AV project management to support Kern & Stelly to further grow its business in Germany.
Including a performance-related add-on fee, the full purchase price will cost Midwich €21.4 million.